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Which might not be a scam. I'm not saying it's not a scam either. But it's something where it's really not clear if it's a scam or not. Because minting money

Which might not be a scam. I'm not saying it's not a scam either. But it's something where it's really not clear if it's a scam or not. Because minting money is a pretty normal thing in finance, especially if you want to avoid deflation. And for any normal currency deflation is one of, maybe the worst thing which can happen to it. Which puts a strange view on crypto currencies as many of them are fundamental deflationary. New they do have the benefit of (in general) not being bound to the economics of a country, and hence forth might be ok with being deflationary. But even then if you create a crypto currency which is meant to be used as a currency inflation is still bad. Hence why IMHO Bitcoin is a security which you happen to be able to use a currency, not a currency. But that's not true for all crypto currencies, which likely lead to regulatory nightmares. Both for the regulators and even more so for anyone who wants to use crypto currencies as currencies, as the crypto security BitCoin is currently the face of crypto currencies. It's such a mess, but has potential nevertheless. But not necessary in the way it is advertised. (Like potential as securities, potential for some convenient/pragmatic things, potential for resolving certain trust/management issues, potential to undermine government regulations for both good and bad from both good and bad governments. Naturally not in the same currency. But if you are into crypto currencies for anarchistic or socialistic world view, to create a more fair world, you are probably in the wrong place).

yunohn 5y ago
> Because minting money is a pretty normal thing in finance, especially if you want to avoid deflation. Tether is “minting” USDT, a token pegged to 1 USD - out of thin air. That’s not the same thing as printing currency.
- dathinab 5y ago
  Minting USDT currency to prevent deflation and keeping the currencies value around the value of 1 USD(1) is pretty much the same as printing USD to prevent deflation and keeping USD at the same value as some other currency/security, e.g. the Euro or Gold. The only difference is that most currencies place themself in relation to the USD, but anyway conceptually pretty much the same. Because in the end weather it's USDT, USD or even Gold their value is purely a construct of people (roughly) agreeing that it has that given value (in general in ratio to some other thing which has "value by agreement"). Gold might have some intrinsic value but it's fundamentally so much smaller then the gold price that it doesn't matter. (1): Assuming they did it for that reason, my argument was intentionally detached from Tether.
  - yunohn 5y ago
    That’s the thing though, USDT isn’t a currency - it’s a stable coin pegged to the USD. They can’t “print” more without getting more USD to back it up.

yunohn 5y ago

> Because minting money is a pretty normal thing in finance, especially if you want to avoid deflation. Tether is “minting” USDT, a token pegged to 1 USD - out of thin air. That’s not the same thing as printing currency.

dathinab 5y ago
Minting USDT currency to prevent deflation and keeping the currencies value around the value of 1 USD(1) is pretty much the same as printing USD to prevent deflation and keeping USD at the same value as some other currency/security, e.g. the Euro or Gold. The only difference is that most currencies place themself in relation to the USD, but anyway conceptually pretty much the same. Because in the end weather it's USDT, USD or even Gold their value is purely a construct of people (roughly) agreeing that it has that given value (in general in ratio to some other thing which has "value by agreement"). Gold might have some intrinsic value but it's fundamentally so much smaller then the gold price that it doesn't matter. (1): Assuming they did it for that reason, my argument was intentionally detached from Tether.
- yunohn 5y ago
  That’s the thing though, USDT isn’t a currency - it’s a stable coin pegged to the USD. They can’t “print” more without getting more USD to back it up.